"We see attractive Risk (-6%)/ Reward (+21%) as recent data points and our detailed analysis of loss experience by state implies that premium rate changes will not be nationalized and the total change will be less severe than the market expects," the firm said. Goldman said the market is currently pricing an outcome more in line with our "bear case."

As clarity emerges on the regulatory front, the firm expects investors to focus robust FCF and its proven track record of aggressively buying back stock.

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